SEC Drops ’Reg Crypto’ Rulemaking: Do We Still Need Clarity?

CoinDesk's The Policy Protocol hosts Rebecca Rettig and Renato Mariotti open on President Trump's White House remarks about bringing Hyperliquid onshore, then dig into Judge Vernon Oliver's Connecticut ruling that slammed the CFTC's emergency order in the Kalshi fight. Alexander Zozos, General Counsel of Superstate and a former SEC staffer, joins the hosts to break down what “Reg Crypto” actually does: two fundraising exemptions plus a safe harbor that acts as a "barbell" on when securities laws apply, solving crypto's "Hotel California" problem of checking in but never checking out. Plus, Rebecca and Renato debrief on whether the rule is a foundation or a window, and name crypto lawyers as their Person of the Week.

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Register now for CoinDesk's Policy and Regulation event on September 22, 2026: policy-regulation.coindesk.com.

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Chapters/Timecodes:

00:00 Welcome to The Policy Protocol

01:54 Hot Topic: Trump Talks Hyperliquid at the White House

04:36 Renato's Hot Topic: Kalshi, the CFTC, and Loper Bright

06:34 The SEC Drops Its 'Reg Crypto' Rulemaking

06:42 Alexander Zozos of Superstate Joins the Show

06:55 What Is Reg Crypto? The 30,000-Foot View

10:04 Foundation or Window? The Rogue Regulator Question

12:16 Inside the SEC: How a 400-Page Rule Gets Made

17:40 Does the Exit Ramp Depend on the CLARITY Act?

20:04 Rebecca and Renato Debrief

21:44 Person of the Week: Crypto Lawyers